Every now and then, you might fall into a situation where you need a small amount of cash immediately and you are not able to arrange the required funds. Herein, you need a small helping hand, which keeps you afloat in the troubled waters. Well, payday loans can serve as a life-boat.
WHAT ARE PAYDAY LOANS?
As the name suggests a payday loan is a credit or cash advance loan , which you have to repay on your next payday. Usually, the tenure of such loans is very short ranging from 7 to 30 days. In most cases, you are required to repay the complete loan amount with interest as a single lump sum when you get your next paycheck.
However, before you apply for a payday loan it is important that you consult a loan broker and understand if the decision would be the right one for you.
WHAT YOU SHOULD BEAR IN MIND?
The rate of interest on payday loans in the UK is much higher than other loans. For example, a regular lender charges £25 on every £100 that you borrow and this interest could be for a tenure of 7 to 30 days. Hence, you can see that the interest that you pay for a payday loan is very high.
At Loan Princess, we will help you to avail payday carefully so that it becomes affordable for you. At the same time, please note that as an FCA authorised loan broker, we do not charge any hidden fees and further also go through the Terms & Conditions of the loan terms offered by the lender carefully before entering into an agreement.
THINGS TO AVOID
First of all, you should avoid making use of payday loans for expenses that are not urgent. Unless you have a situation where your car has broken down or a falling tree branch has damaged your roof and the repairs are not covered by insurance, you should really avoid taking a payday loan.
Generally, people take a payday loan to pay off their previous payday loan. This will be a financial suicide because you will end up in a vicious cycle of one debt after another and will never be able to get out of it. In the end, you will be forced to default on your loan and this will negatively impact your credit rating. And, in turn will affect your ability to borrow money for more important purposes in the future. Hence, be very careful while taking a payday loan as you should be sure of being able to repay it within a stipulated period.
However, the above-mentioned situation is less of a worry with us because in case you are finding it difficult to repay the loan on time, you can get in touch with us and discuss your situation. Our services can act as a mediator between you and the lending agency and you can successfully chalk out a solution that is mutually satisfactory to both the parties.
This solution could be converting a single lump sum repayment into instalments or extending your loan tenure. However, here again you should be absolutely sure that this method is required for you because when the tenure is extended the interest that you pay the lender will also increase. All said and done it is necessary to act with caution as far as payday small loan is considered.
BENEFITS OF OPTING FOR LOAN PRINCESS
Loan Princess is a UK based loan broker. We adhere to all the regulations of the Financial Conduct Authority (FCA) and ensure that during any deal the borrowers’ interests are prioritised. We do not charge any hidden fees and offer transparent deals only.
WHAT DO YOU DO IF YOU HAVE BAD CREDIT?
We understand that in the current global financial scenario anyone can end up with bad credit. Often bad credit is also a result of some cumulative small mistakes or oversights on your part. We can help you in searching the right loan for you as per your needs. We will also help you to get bad credit payday loans. We deal with multiple lenders and some lenders out of them may be willing to take a higher risk and agree to provide loan to people with bad credit history, if the borrower will ensure regularity of the repayments.
DO NOT FALL PREY TO NO CREDIT CHECK FRAUD
If you see an advertisement that says that the lender will give you no credit check payday loans,then it should immediately ring a warning bell. This is because providing loans without a credit check is neither legal nor possible in the UK. Every lender is bound to follow the regulations of the FCA to conduct credit check before providing a loan, in order to lend in a responsible manner.
At Loan Princess, we conduct a soft credit check of your credit report before giving you an “in principle” answer.
So, in case you find yourself in a financial emergency then all you need to do is log on to our official website and share your details.
We compare loans that can be paid back over between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%.
This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Loan-Princess is a credit broker and not a lender